Palatin Technologies (NYSEAMERICAN:PTN) Stock Price Crosses Above Two Hundred Day Moving Average of $0.00

Palatin Technologies, Inc. (NYSEAMERICAN:PTN) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $0.00 and traded as high as $0.36. Palatin Technologies shares last traded at $0.34, with a volume of 1,564,732 shares changing hands.

Several equities analysts have recently weighed in on the company. Zacks Investment Research downgraded Palatin Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, October 5th. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $2.00 price objective on shares of Palatin Technologies in a research report on Thursday, September 30th.

The company has a market cap of $79.58 million, a price-to-earnings ratio of -2.46 and a beta of 1.10.

Palatin Technologies (NYSEAMERICAN:PTN) last issued its quarterly earnings data on Monday, November 15th. The biopharmaceutical company reported ($0.03) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.03). The firm had revenue of $0.16 million during the quarter. During the same period in the previous year, the firm earned ($0.02) earnings per share. As a group, analysts predict that Palatin Technologies, Inc. will post -0.14 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP lifted its holdings in Palatin Technologies by 85.7% during the 3rd quarter. Two Sigma Advisers LP now owns 93,600 shares of the biopharmaceutical company’s stock worth $41,000 after buying an additional 43,200 shares during the last quarter. Morgan Stanley lifted its holdings in Palatin Technologies by 25.8% during the 3rd quarter. Morgan Stanley now owns 151,558 shares of the biopharmaceutical company’s stock worth $68,000 after buying an additional 31,084 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Palatin Technologies by 76.2% during the 3rd quarter. Goldman Sachs Group Inc. now owns 99,759 shares of the biopharmaceutical company’s stock worth $44,000 after buying an additional 43,136 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Palatin Technologies during the 3rd quarter worth about $28,000. Finally, Millennium Management LLC lifted its holdings in Palatin Technologies by 164.2% during the 2nd quarter. Millennium Management LLC now owns 50,343 shares of the biopharmaceutical company’s stock worth $31,000 after buying an additional 31,289 shares during the last quarter. 9.78% of the stock is owned by hedge funds and other institutional investors.

About Palatin Technologies (NYSEAMERICAN:PTN)

Palatin Technologies, Inc is a biopharmaceutical company, which engages in the development of medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product candidate is marketed under the Vyleesi brand, the trade name for bremelanotide, a peptide melanocortin receptor 4 agonist for the treatment of premenopausal women with acquired, generalized, hypoactive sexual desire disorder (HSDD).

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